Australian stocks lower early, miners skid

SarahTurner

SYDNEY (MarketWatch) -- Australian shares slipped in early trading on Tuesday, taking a lead from a weak performance in U.S. equity markets where investors sold out of stocks as they fretted over Europe. While markets initially greeted a bailout of Cyprus by its European partners as positive, doubt set in over the potential implications for other countries. The S&P/ASX 200 index
XJO, -0.66%
declined 0.6% to 4959.20 in early trading, with miners dropping a heftier 1.2%. Mineral extractors under pressure included Rio Tinto Ltd.
RIO, -1.01%RIO, -2.03%
down 1.8%, Paladin Energy Ltd.
PDF, +11.54%
down 2.5%, and PanAust Ltd.
au:pna
down 4%.

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